Bitcoin Price Losses Steam Above $30K But The Bulls Are Not Done Yet

2023-08-09 11:42:26

Bitcoin price climbed above the $29,500 resistance. BTC spiked above $30,000 and is currently consolidating gains above a connecting trend line.

Bitcoin is showing positive signs above the $29,500 pivot level.
The price is trading above $29,550 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could attempt another increase above the $30,000 resistance zone.

Bitcoin Price Attempts Upside Break

Bitcoin price remained well-bid above the $28,800 support zone. BTC formed a support base and recently started a steady increase. There was a clear move above the key $29,500 resistance zone.

The bulls even pumped the price above the $30,000 resistance zone. However, the bulls failed to keep the price above $30,000. A high was formed near $30,190 and the price started a downside correction. There was a move below the $30,000 level.

Bitcoin dipped below the 23.6% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high. It is now trading above $29,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $30,000 zone. The first major resistance is near the $30,200 level. The next major resistance is near the $30,400 level. A close above the $30,400 resistance might start another steady increase. In the stated case, the price could test $31,200. Any more gains might open the doors for a move toward $32,000.

Are Dips Limited In BTC?

If Bitcoin fails to clear the $30,000 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,800 level and the trend line.

The next major support is near the $29,400 level or the 50% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high, below which the price could take a hit. The next support is near the $29,200 level. Any more losses might call for a move toward the $29,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $29,800, followed by $29,400.

Major Resistance Levels – $30,000, $30,200, and $30,500.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.